After a crucial breakout, Axie Infinity sets its sights on $100


After breaking out of a continuation pattern, Axie Infinity has reached a new all-time high. Important Points to Remember

  • In the previous 24 hours, Axie Infinity has increased by more than 24%.
  • The development of a bull flag signals the start of a new rally toward $100.
  • As long as AXS is over $66, the bullish view should prevail.

Over the last eight weeks, the market value of Axie Infinity has increased by 2,105 percent. Although the rising price action shows that profit-taking is ramping up, the technicals signal that additional gains are on the way.

New All-Time Highs for Axie Infinity

Axie Infinity is unstoppable, having lately reached a fresh high of $82. In the last 24 hours, the crypto gaming token has risen by more than 24%, collecting over 16 points in market value.

The breach of a bullish flag on the 4-hour chart appears to have triggered the recent rising price movement. The pattern's flagpole was constructed by an 85 percent rally that occurred between Aug. 8 and Aug. 11, followed by a falling channel that formed the flag.

If buy orders continue to pour in, AXS might rise another 30%, bringing it closer to $100. This objective is calculated by taking the height of the flagpole and multiplying it by the breakout point.

The positive prognosis will remain unchanged as long as the 50-four-hour moving average holds. Failure to do so, on the other hand, will greatly raise the chances of a big correction.

A break of the $66 support level would almost certainly result in a downswing to the 100-hour or 200-hour moving average. These two sectors of interest are currently trading at $53 and $42, respectively.

Axie Infinity's meteoric rise coincides with a moment of hysteria dubbed "NFT summer" by others. Animal avatars, generative art, and other non-fungible assets have risen in popularity in recent weeks, in addition to the NFT gaming boom, which has also been proven by Decentraland's growth. Trading volumes on NFT exchanges like OpenSea have increased dramatically, with prices for several assets reaching new highs.

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